250 - The Great Wipe Out of 2020

This 2020 and 2021 could very easily wipe out many Americans financially.  The good news is that you can choose to avoid getting wiped out.

Our inner voice will warn us of bad things happening in the future if we allow it to.  For that to happen we need to be listening.

Many investors feel pressure to get a deal done.  Many will overextend themselves financially, usually by overspending or under earning.

 

The pressure to not disappoint a wholesaler, Realtor or Seller by saying no or asking more questions can prove to be overwhelming for many.  Don’t let people pleaser tendencies destroy you financially by buying a bad deal.

Maybe you want to get accepted into the cool kids club at your local real estate club by doing a deal you know you should not do.

Fear of missing out on low interest rates or even the opportunity to get financed for a deal can cause us to make irrational buying decisions.

Easy to get hard money loans make it easy to wipe out your life savings by investing in sketchy deals where not enough due diligence has been performed.

Maybe you feel lucky that a seller accepted your offer because you are “allowed” to do a deal.

If any of this applies to you STOP!

Wholesalers, Realtors and Sellers LIE about needed repairs, they LIE about current rents and future rent possibilities, They lie about ARV or simply have no idea how to compute the figure accurately, they conceal important details that might cause you to back out of a deal.  Its very difficult to catch them and even if you did, nobody really cares, nor do you have the time, money to waste trying to punish them.  This the simple truth.

Your inner voice is likely speaking to you when things are not as they seem.

It’s ok to question everything, that doesn’t make you paranoid or scared or even a newbie, that makes you intelligent and leads to lucrative deals.

Distance yourself from anyone who makes you feel pressured to make an investment decision without having the time to do your homework.

We are in unprecedented times, banks are pulling back funding.  That’s what we call a clue, soon it might be very difficult to borrow money from a bank for a purchase.  That’s a signal that market prices are likely to fall, when? Nobody knows for sure.  We are facing record unemployment, 2.25 million mortgages are currently past due, that’s the highest level since 2010.  Let’s not forget civil unrest and the most controversial election cycle in history.  Be smart, listen to your inner voice, do you homework and you will be able to prosper beyond your wildest dreams.